US and China agree tariff cuts on $60 billion in goods

  • The United States and China agreed to reduce tariffs on $30 billion of imports each.
  • China lowered tariffs on 1,619 U.S. items and the United States cut tariffs on 77 Chinese goods.
  • The White House disclosed 1,696 covered items and said 90% will receive most-favored-nation rates.

The United States and China agreed to reciprocal tariff reductions covering $30 billion of imports in each direction under a "30-for-30" framework, following their summit. The White House disclosed 1,696 covered items, and said 90% will move to most-favored-nation tariff rates. China will lower tariffs on 1,619 U.S. products, including MRI machines, surgical robots, wheat, beef, salmon, whiskey and cheese, while the United States will cut tariffs on 77 Chinese consumer goods including microwave ovens, electric shavers, coffee makers, toys, thermos flasks and infant car seats. Combined with the May agreement, the reductions cover $60 billion of goods, equivalent to about 14.5% of the $415 billion in two-way trade last year. China agreed to include U.S. coal in its tariff reductions, although its Commerce Ministry did not mention the White House's stated commitment to import more than 10 million tons of U.S. coal. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng will serve as chief representatives on a trade committee scheduled to meet at least quarterly.

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